Alector, Inc.

Overview

Alector is a clinical-stage biotechnology company developing therapies for neurodegenerative diseases, including Alzheimer’s disease and Parkinson’s disease. The company targets genetically validated pathways and aims to restore cellular function by removing pathogenic proteins, replacing deficient proteins, and correcting immune and neuronal pathway dysfunction.

Core platform

• Alector Brain Carrier (ABC): a proprietary blood–brain barrier (BBB) delivery technology designed to improve CNS exposure for antibodies, enzymes, and siRNA therapies. ABC uses transferrin receptor (TfR)–mediated transport with tunable binding properties to enable peripheral administration and broad brain distribution, with the goal of lower dosing and potential for non-invasive delivery (for example, subcutaneous).

Therapeutic modalities pursued with ABC

• Antibodies (examples: anti-amyloid and progranulin-related antibodies)
• Enzymes (example: GCase enzyme replacement)
• siRNA (targets include tau, alpha-synuclein, NLRP3)
• Combination formats across multiple brain diseases

Disease focus and targets

Neurodegenerative conditions such as Alzheimer’s disease (AD), Parkinson’s disease (PD), Lewy body dementia (LBD), frontotemporal dementia (FTD), and related disorders with genetic links and lysosomal, immune, or neuronal pathway involvement.

Pipeline status

• Clinical program
  • Nivisnebart (formerly AL101/GSK4527226): a progranulin (PGRN)–elevating antibody in Phase 2 PROGRESS-AD (early AD). The program is co-developed with GSK. Enrollment in PROGRESS-AD has completed as reported, with an interim futility analysis planned for 2026. GSK and Alector share development costs, and Alector is allocated up to $140.5 million of the initial Phase 2 trial costs under the agreement.
• Preclinical / ABC-enabled programs (brain-penetrant)
  • AL137: anti-amyloid beta (Aβ) antibody (preclinical, AD)
  • AL050: brain-penetrant GCase enzyme replacement therapy (preclinical, PD/LBD), includes an engineered GCase with enhanced activity and stability
  • AL064: tau siRNA (lead candidate advancing toward IND‑enabling studies, for AD and tauopathies)
  • ADP062-ABC: alpha-synuclein siRNA (early-stage, PD)
  • ADP065-ABC: NLRP3 siRNA (early-stage, potential multi-disease applicability)
• No products have yet been approved or commercialized.

Financials (latest reported)

• Employees: 103 full-time employees as of December 31, 2025. In October 2025 the company announced a reduction in force of about 47%, with post-reduction headcount around 55.
• Cash and liquidity: $256.0 million in cash, cash equivalents, and marketable securities as of December 31, 2025, with expected runway through 2027.
• Revenue: No product revenue to date. Revenue has consisted of collaboration-based payments from partners including GSK and previously AbbVie.
• Losses: Net losses of $142.9 million in 2025 and $119.0 million in 2024. Accumulated deficit totaled $972.1 million as of December 31, 2025.
• Financing: In November 2024, Alector entered into a loan agreement allowing up to $50 million in term loans (initial $25 million borrowed at closing; an additional $25 million contingent). Security interests and covenants apply, with potential acceleration if defaults occur.

Partnerships and collaborations

• GSK Collaboration and License Agreement (effective August 2021; amended 2023)
  • Joint development and co-commercialization for progranulin-elevating antibodies (nivisnebart and latozinemab)
  • Upfront payments totaling $700 million ($500 million in 2021 and $200 million in 2022)
  • Potential milestones up to $1.5 billion
  • Cost sharing generally 60% GSK / 40% Alector; initial Phase 2 nivisnebart trial costs allocated to Alector up to $140.5 million
  • US co-promotion for orphan indications; GSK responsible for commercialization outside the US; governance via a Joint Steering Committee
• AbbVie Collaboration (terminated in 2024)
  • Included programs related to AL002 (TREM2 pathway); AbbVie did not exercise certain options and related milestone payments were not received
• Adimab Collaboration (initiated 2014)
  • Focused on antibody discovery and optimization; collaboration term has expired

Manufacturing

Alector does not operate its own manufacturing facilities for clinical or commercial supply and relies on contract development and manufacturing organizations (CDMOs). Under the GSK agreement, GSK is responsible for manufacturing latozinemab and nivisnebart. Scale-up and manufacturing activities are managed through external partners and cGMP compliance.

Intellectual property

• ABC platform: four patent families covering TfR-binding antibodies and related delivery approaches (expected expiries 2043–2045; U.S. and international protection)
• PGRN program (nivisnebart): three patent families (six U.S. patents; expiries 2036, 2041, 2042, plus possible extensions)
• Tau siRNA (AL064): one patent family; expected expiry 2046
• GCase program (AL050): two patent families; expiry around 2045
• Aβ program (AL137): one patent family; expiry around 2046
• The company also relies on trade secret protection and ongoing IP development. U.S. patent terms are typically 20 years from earliest non‑provisional filing, with potential term extensions.

Corporate and location

• Principal executive offices: 131 Oyster Point Boulevard, Suite 600, South San Francisco, CA 94080
• Website: www.alector.com (information on the site is not incorporated by reference in the 10-K)

Key takeaways

• Focus: Developing neurodegenerative therapies using the ABC BBB‑penetrant platform to deliver antibodies, enzymes, and siRNA to the brain.
• Status: Clinical-stage company with one Phase 2 program (nivisnebart) and multiple preclinical ABC-enabled programs; active collaboration with GSK.
• Financial posture: No product revenue, ongoing operating losses, accumulated deficit, $256 million in liquidity as of December 31, 2025, expected runway into 2027, recent workforce reductions, and an existing term‑loan facility.
• Intellectual property: Broad patent portfolio covering ABC and multiple therapeutic programs with expiries largely in the 2030s–2040s.